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The definitive account of Wall Street's stunning collapse
From critically acclaimed investigative journalist and CNBC personality Charles Gasparino comes a sweeping examination of the most recent volatile, anxiety-ridden era in our nation's socioeconomic history. The Sellout traces the implosion of the financial services business back to its roots in the late 1970s when Wall Street embraced a new business model predicated on taking enormous risks. It shows how a backwater business involving the trading of risky bonds packed with mortgages showered countless billions in profits on the financial industry but sowed the seeds of its ultimate demise. Gasparino walks readers through Wall Street's three-decades' love affair with risk, revealing a trail of culpability—from the government bureaucrats who crafted housing policies that encouraged homeownership, to the Wall Street firms that underwrote and invested in risky debt, to the mortgage sellers who handed out loans to people without the financial wherewithal to pay them back, to the homeowners who became convinced they could afford mansions on blue-collar wages. The ongoing tumult in financial markets and the global economy began when some of our most esteemed financial institutions, our government, and even average citizens abdicated their collective responsibilities, eventually selling out investors and selling off the American Dream itself.
In the spirit of classics such as Barbarians at the Gate and Liar's Poker, this page-turning narrative captures how avarice, arrogance, and sheer stupidity eroded Wall Street's dominance and profoundly weakened the financial security of millions of middle-class Americans. Eye-opening and engrossing, The Sellout provides the most thorough investigation to date of this latest gilded era.
If you want to understand the corruption of what is going on, this is a great book to read.
This is what I liked about the book since as somebody who is working in the industry, I was fearing that Charles would take his best shots against us.
It is a text book of sorts with terms and definitions that are finally easy for a novice to understand; yet, it reads like a mystery novel.
The best book about what really happened in 07-08. This was not about anything thing greed and ego.Published 7 months ago by aldante
I enjoyed this book it gives a great time line and fact file on the immense excess of these investment crooks.It seems the only thing bigger than their pay was their egos!Published 7 months ago by John E
Educating yet read like a novel. Gasp'o has a unique sense of what is meaningful and real. I'll look at his other works.Published 8 months ago by Benjamin
I read Gasparino's "The Sellout" after reading "Circle of Friends." Many have said "The Sellout" is his better work, but I found them to be of the same quality. Read morePublished 9 months ago by M. Lozano
The author does a great job recounting the use of risk at financial institutions since the 1970's and the regulatory changes that fostered risky behavior. Read morePublished 10 months ago by gappo
Great book that attempts to put all the complexity that lead up to this last crash in simple terms. ReadPublished 11 months ago by Scott Robinson
Everything you need to know how Wall Street screws you over and continues to do so. To these CEOs, your money is their money and by God you better not ask for it back. Read morePublished 13 months ago by J. Stevens